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Chapter 2. Economics in History. Throughout history, people have always had an economic system. The main purpose of an economic system is to answer 3 questions. What goods and services do people need and want? How can we make these goods and services? How will we distribute them?.
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Chapter 2 Economics in History
Throughout history, people have always had an economic system The main purpose of an economic system is to answer 3 questions • What goods and services do people need and want? • How can we make these goods and services? • How will we distribute them?
The term commodities refers to the goods and services that are distributed in an economic system
These commodities are either shared, traded or bought and sold depending on the type of economy
An industrial economy is an economy which depends on manufacturing technologies to make the goods that they sell
The 1st industrial economies started during the industrial revolution in Europe in the late 1700's
First Nations and Inuit Economies Needs and Wants
These people had a traditional economy based on the natural resources available in that region
The three needs of a people, including aboriginals, are food, clothingand shelter
Inuit tupik – summer residence made of caribou skin that was easily transported Their homes were built on the materials around them.
Overall, the First Nations and Inuit peoples needed and wanted land and natural resources
Aboriginalmeans living in a land from earliest times. There are 3 groups of aboriginal people in Canada Handout 1
Handout 1 Inuit The First Peoples of northern Canada above the tree line
First Nations The First Peoples of the rest of Canada
Metis These are the children of either Inuit or First Nations people and the early European fur traders
Production Aboriginal peoples produced goods by hand, mostly using bone and stone tools.
Nothing was wasted. • Example : Innu used caribou meat for food, its bones for tools, and its hide was used for clothing, shelter or footwear.
Aboriginal people believed the land and natural resources must be used wisely. They only killed animals that they needed
They gave thanks for the resources they used. • Example : Innu have a special meal called the Mukushan after a successful hunt to honour the spirit of the caribou.
The First Nations and Inuit peoples shared equally in what was produced and everyone helped produce it Handout 2
Handout 2 Maritimesrefers to the provinces of New Brunswick, Nova Scotia and P.E.I. These area had an abundance of resources year round.
Atlantic Canada included the Maritimes plus the province of Newfoundland and Labrador.
The land and water were sources of life so they were very important to these peoples
Very, Very Important Concept First Nations and Inuit had no notion of private ownership (the idea that one person has complete control over an area of land)
Newcomers Needs and Wants
Europeans first came to North America for economic, cultural and political empowerment
Europeans such as the Puritans in England came to America for religious freedom
Some Europeans were politically disempowered in their home countries. They were not allowed to vote • Handout 3
Handout 3 Europeans came to North America for a variety of reasons
Looking for economic opportunities (economic empowerment) • natural resources such as lumber, furs, fish & minerals that they could sell back home in Europe.
Very, very important concept # 2 Land ownership was very important for Europeans who had no hope of owning land in their former countries.
People were forced to either rent the land from the nobility(rich, upper classes) or work for the nobility in order to have a place to live. *Irish potato famine *Scottish Land Clearances
3 main resources Europeans wanted were • Fish • Furs • Lumber
Fishwas a very valuable food source resource as cheap protein and for religious reasons since many days were decreed meatless days by the church
Many European countries were involved in the migratory fishery off the coast of Newfoundland but the English were the most successful.
Migratory fishery Countries would fish during the spring and summer, preserve it, and return home to Europe during the fall
Domestic Fishery Began in early 1700's when settlers from Ireland and England began to permanently settle in Newfoundland.
Fur Trade Was originally developed by the French who settled the interior of North America
The beaver pelts were of high quality and were made into hats for sale in Europe
Fur traders set up a trade system with the First Nations people and traded guns, blankets, and other goods for their pelts.
Lumber Lumber was of great value to the Europeans because most of the great forests of Europe had been already cut down.
Great Britain needed lumber for housing and for shipbuilding to provide ships for the navy to defend itself and the British Empire
Production Until the 1700's, even though most Europeans had metal tools to make their work easier, it was still done mostly by hand.
